Location: Chicago-Joliet-Naperville, IL | Metro: Chicago-Joliet-Naperville, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,280 |
| 1 Bedroom | $2,420 |
| 2 Bedrooms | $2,730 |
| 3 Bedrooms | $3,510 |
| 4 Bedrooms | $4,010 |
| 5 Bedrooms | $4,652 |
| 6 Bedrooms | $5,210 |
| 7 Bedrooms | $5,627 |
| 8 Bedrooms | $5,908 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 60519 are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code is set at $2340 per month for fiscal year 2024. This figure represents the maximum amount that the housing authority will pay toward the rent subsidy for a two-bedroom unit in ZIP 60519.
When it comes to how much a landlord can expect to receive from a voucher, it's important to understand the components involved. A voucher holder is typically required to pay 30% of their adjusted income towards rent. For example, if the household's monthly adjusted income is $2000, they would contribute $600 ($2000 x 0.30) towards the rent. Additionally, there are utility allowances which vary based on the size of the unit and location. In ZIP 60519, a two-bedroom unit might have an allowance of around $250 for utilities.
To illustrate, let's assume the SAFMR remains at $2340 for a two-bedroom apartment. If the voucher holder contributes $600 and the utility allowance is $250, the total reimbursement to the landlord would be $2340. This means the landlord receives the full SAFMR amount, which includes the tenant's contribution and the utility allowance.
In ZIP 60519, the local market rent is currently not available, making it difficult to provide a precise comparison between market rates and the SAFMR. However, landlords should be aware that the SAFMR is often lower than the market rent, leading to a potential reimbursement gap where the landlord might need to adjust the rent to match the voucher payment or accept a slightly lower rent compared to market rates.
Given the SAFMR of $2340 for a two-bedroom unit, landlords should prepare for a reimbursement gap if the market rent exceeds this amount. Conversely, if the market rent is below $2340, landlords could see a surplus, but this would depend on the actual market conditions in ZIP 60519.
To summarize, landlords in ZIP 60519 can expect to receive the full SAFMR of $2340 for a two-bedroom unit when a tenant uses a voucher, assuming the market rent does not exceed this figure. The reimbursement gap or surplus will be determined by comparing the SAFMR to the prevailing market rents in the area.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.